Chrysalis Investments (LON:CHRY) nice update today (I Hold) with around 14% increase in NAV mainly from Starling & Klarna.  Has been a steady riser in the last year

Gore Street Energy Storage Fund (LON:GSF) I received my voting notice for the EGM. I have voted for all 4 resolutions . I.E in favour of appointing two new directors as requested by RM and reming two existing. The proposals by RM look the best way for shareholders to see the discount to narrow and dividend be protected. Vote could be close so do vote.

Gore Street Energy Storage Fund (LON:GSF) Seem to be very unhappy with RM according to Citywire https://citywire.com/investmen...

My heart does noty bleed for them, share price performance has been poor, effectively cut the dividend. And now upset because a large shareholder wants things changed. I am unclear what the cuckoo analogy is about. A cuckoo, as does a cuckoo bee by the way, lays its eggs in another nest and gets the mother to raise them, brood parasites they are known as. So are RM brood parasites ? if so what eggs are they laying to be raised by the current board and management. 

I am fully supportive of RM by the way.

Gore Street Energy Storage Fund (LON:GSF) They have announced they will look to sell or co invest some pre-built assets and re-invest in Uk and Ireland to increase income. Positive spin on it but I am concerned at the mention of using existing debt facilities. There is ICM this afternoon at 2.00, I will watch a recording as bitter experience means they will ignore any questions, if allowed, during the meeting. 
I will wait until I have seen it but I suspect I will be selling some or all of our holding.

Hydrogenone Capital Growth (LON:HGEN) has announced it is going to wind up. As I rather feared there were doubts whether HGEN could continue as a going concern due to lack of sale of investments . The current managers have been dismissed.

I would say that the board need to consider their position in this. I m holder, and looks unlikely that I will recover ll my investment, but who knows, the new manager to undertake the wind up is Redbank and they are going to review the assets and come up with a NAV in mid-September.

Not the first trust board to blame the managers , at the end of a period of underperformance. Surely the share price alone would have raised concerns about whether the NAV they were issuing was accurate.

I do not regret the original investment as I believe the hydrogen story. They failed to raise sufficient funds at the IPO, which was a concern at the time. 

What rankles is the failure of the board to challenge the managers more rigorously and reach a position where they ran out of cash.

Augmentum Fintech (LON:AUGM) (I hold) https://news.sky.com/story/tid...

TPG, the American private equity giant, is in advanced talks to take a stake in Tide, the British-based digital banking services platform.

AUGN have a stake.

Life Science Reit (LON:LABS) update today not taken well after -11% NAV (now 66.3p) but says plenty of interest in sale process.  I guess the good potential upside will come down to how close they can get the NAV on the sale of these assets

Kepler released a report on Blackrock Frontiers Investment Trust (LON:BRFI) recently. One I haven't really looked at before but seems interesting. https://www.trustintelligence....

After writing about Migo Opportunities Trust (LON:MIGO) last week following watching the Trust & Funds presentation on Mello, I subsequently also caught up on one of the Money Maker videos that have recently started to be published and decided that rather than await the outcome of the new approach for the trust I would jump in and ride the wave from the start.

I like the new slimmed down approach with a small number of weightier holdings, and whilst it will take time to deliver this I felt the returns might start to improve from early on - the trust has been on a decent performance recently.

I have now invested an approx 2/3rds size holding and will look to top up further as I slice profits from some other holdings that seem to have done well recently.  Fingers crossed this works out well.

Supermarket Income REIT (LON:SUPR) ( I hold). The share price has fallen from the start of July-87p to 79p today, and as it goes ex div tomorrow will probably fall another couple of pence (The dividend is 1.53p).

I have used AI to see if any news out that I have missed, but the findings seem to be that concerns about the grocery sector could be a reason, the purchase of theTesco store in Kent for £54.1m and fears of an economic slowdown. Given the shares yield 7.7%, a consistent growth in the dividend from 5.86p in 2021 to 6.06p in 2024 and likely to be 6.12p for 2025 this could be an opportunity to buy on a dip.

Article in the FT today about Brazil

"Betting on Brazil’s economic collapse is a mistake

The country offers investors an enticing value opportunity, but fiscal reform is urgently required"

Link if you can read it is here https://on.ft.com/45jnzeU

Blackrock Latin American Investment Trust (LON:BRLA) ( I hold) has 58% of the fund in Brazil. 

A Kepler Research article from April 25 is here

As I have said my wife likes low risk income stocks. Recently I had an email from Retail Book ( many of the people are from Primary Bid which I used to use) mentioning the launch of T-Bonds, which I had never heard of. 

"The UK government raises funds through the issuance of bonds: UK Gilts are used for long-term borrowing, whereas UK Treasury Bills (T-Bills) serve short-term financing needs. While Gilts tend to receive more attention from both the media and investors, T-Bills are also an important investment option with distinct features.

T-Bills fall into the category of deeply discounted securities (DDS). These are financial instruments issued below their redemption value, with the full return provided at maturity rather than through periodic interest (or Coupon) payments.

As noted, T-Bills are sold at a discount to their face value of £100 and have shorter maturity periods than Gilts—commonly one, three, or six months.

The return for investors is generated from the difference between the purchase price (typically under £100) and the full £100 repayment made at maturity"

Anyway I bought some for her ISA. Part of my interest in Retail Book is that Augmentum Fintech (LON:AUGM) have taken a stake in them recently.

You can sign up for Retail Book Notification service here  https://www.retailbook.com/get... Like Primary bid did before they stopped  "RetailBook connects retail investors with public companies seeking to raise equity or debt capital, providing access to investment opportunities on the same terms as large institutions."

JPMorgan Global Core Real Assets (LON:JARU) (Please note this is AI generated after seeing price rise today)

Second Compulsory Share Redemption Announced

Today, JPMorgan Global Core Real Assets Limited announced it will conduct a second compulsory partial redemption of its shares, returning approximately £85 million to shareholders. This action is a significant step in the company's ongoing managed wind-down process.

Key details of the redemption include:

• Redemption Amount Approximately 55.9% of the company's issued share capital will be redeemed.

• Redemption Price The price is set at 89.116731 pence per share, which is based on the Net Asset Value (NAV) as of June 30, 2025, adjusted for redemption costs.

• Pro-Rata Basis The redemption will be effected on a pro-rata basis. For example, a shareholder holding 10,000 shares will have 5,589 shares redeemed, receiving a cash payment of £4,981.

• Record and Payment Dates The record date for the redemption is the close of business on August 7, 2025. The estimated latest date for payment to shareholders is August 21, 2025.

Following this redemption, the company will have returned 60.7% of the assets it held when the managed wind-down was announced in December 2024

Bought Ecora Resources (LON:ECOR) this morning after some prevarication.  I think this will be as good a surrogate for the next commodities wave as any.  I now hold additional Central Asia Metals (LON:CAML) and my recent holding in BlackRock World Mining Trust (LON:BRWM) .  

VietNam Holding (LON:VNH) (I hold) June monthly report https://www.vietnamholding.com...

Gore Street Energy Storage Fund (LON:GSF) RM have increased their holding to 6%

The FT today has an article suggesting Poland is looking to acquire equity in Iceye. Talks are reported as being in the final stages. Iceye is the largest holding in Seraphim Space Investment Trust (LON:SSIT) , representing 25.5% of NAV.

Taylor Maritime (LON:TMIP) recently stopped being an IT, but was when I bought in a medium position.  It is now a shipping company, but I wonder if any of you still follow it.  Has just contracted to sell a bunch more vessels. Result is no debt at all, plus about $125m of vessels, plus going to have about $150m cash, I believe.  But TBV is shown as considerably higher.  Dividend of 2cents quarterly seems guaranteed by the latest statement and Buttery family holding history.  If anyone cares to look into the asset value further, I'd be grateful, but then, Trading Update coming on Friday might help and might repay scrutiny.

Citywire have an article today on Seraphim Space Investment Trust (LON:SSIT) (I hold) https://citywire.com/investmen...

For those interested - a bid in for Apax Global Alpha (LON:APAX)

https://www.londonstockexchang...

18% premium, which seems a tad stingy given it's trading at a near 40% discount to NAV. Although I can't complain as I'm up 40% in a month ...

timarr

Apax Global Alpha (LON:APAX) Bid at a 17% discount to NAV. Seems the bid is by a vehicle controlled by Apax. I am not a shareholder in APAX and would be pretty grumpy if I was !

Regional REIT (LON:RGL) (I hold) All very quiet from this property company . I see on July 10th Bridgemere increased their stake to 22.0993% from the 20.35% stake they ended up with after underwriting the fund raising in June 2024 to enable RGL to repay its £50m retail bond. 

AI research also come s up with little.

"While Bridgemere has not released further detailed public statements about its long-term strategy for its investment, the initial comments from its founder and its active involvement through a board position and increasing shareholding signal a strong vote of confidence in the future of Regional REIT. The board of Regional REIT, in turn, has publicly welcomed the stability and financial flexibility that Bridgemere's backing provides as it pursues its turnaround plan."

The trust is on a 43% discount. Interim results are due in September. Bridgemere have a director on the board Nicole Burstow, CFO of the Bridgemere group. So despite is recent history maybe things can turn round .

As far as I can make out good office space outside of the M25 is doing well, with growth in rents of 6% and is projec ted to grow by 16%    according to Savills (Bristol, Birmingham, Cardiff, Edinburgh, Glasgow , Leeds, Liverpool, Manchester and Newcastle). Older office space is doing less well. RGL have a portfolio of older properties which they are actively improving and refurbishing so they can target the market for modern and sustainable properties. In September we will hopefully be told how this is going. I am assuming worst case Bridgemere will take control of the company.

When I have funds available I will buy some more to average my cost down. It is in my SIPP which is currently fully invested.

I've now sold the remaining Gore Street Energy Storage Fund (LON:GSF) in the Bruciefolio, though I continue to hold in others.  Redeployed funds to take a position in BlackRock World Mining Trust (LON:BRWM) , where there seems to be some momentum.    

(On commodities theme I also added to Central Asia Metals (LON:CAML) this morning, since its become cash rich again following its decision to pull out from its acquisition; and added to Ashmore (LON:ASHM, which as discussed earlier is a cash rich  EM play.)  I think that decline in the USD as well as funds outflows from US markets may benefit the above, and inflation does not seem to be going away, so commodities are in play.  For same reason I'm watching Ecora Resources (LON:ECOR) .

Gore Street Energy Storage Fund (LON:GSF) RM funds summary of why action is being taken now and a link to the full document. 

" Q10: Why has RM Funds chosen to issue this requisition notice now, rather than wait
for the upcoming AGM?
RM Funds believes that the issues facing Gore Street Energy Storage Fund are too urgent
to defer. The scale of shareholder value destruction - evidenced by a share price decline
of c.50% in three years - demands immediate action. The ongoing strategic review lacks
transparency, and allowing the existing board to continue overseeing it without
meaningful change risks defaulting to the same approaches that have failed
shareholders.
While some may question the timing ahead of the AGM, the AGM agenda is typically set
weeks in advance and rarely accommodates material governance reform or changes to
strategic oversight. In contrast, the requisition process ensures that shareholders can
vote on specific and substantive resolutions, such as board refreshment and strategic
redirection, within a clear and legally defined timeframe.
Moreover, RM Funds has engaged constructively with the board over an extended period.
However, in the absence of meaningful progress and with shareholder value continuing
to erode, it is both necessary and responsible to act now."

VietNam Holding (LON:VNH) The FT had a "scare story" about Vietnam energy sector, (Vietnam’s decision to roll back subsidies for renewable energy hits power producers) implying there could be increased power outages and manufacturing could struggle. I emailed Craig at VNH and had this response "probably not. Also a lot of the new manufacturing is in the north, and most of the renewable activity (installed capacity) is in the south so they will need to continue with coal and LNG for the north. At the moment the grid isnt able to handle the level of existing renewables in the south and developers face ‘curtailment’ risk.
There is a new energy masterplan, and it forecasts growing energy demand - it hopes to use LNG as a cleaner primary/baseload source than coal, and longer term I think nuclear is back on the agenda.
Bear in mind that Hydropower is also a key part of the energy mix, and the central/North areas have quite a bit of hydro."

So no need for concern.

Cordiant
Looks ok to me 

26%  discount to NAV 

5% yield 

Director buys in  June

just dropped off a recent highs 

Sector of  infrastructure looks good, maybe under rated as  some East European  exposure 

Not much  around at the monent  this looks one of the few that  has some room 

Investor Meet Company this coming week.

BLACKROCK WORLD MINING TRUST PLC
Investor Presentation
21st Jul 2025 at 10:00am BST

BLACKROCK SMALLER CO TRUST PLC
Investor Presentation
23rd Jul 2025 at 1:00pm BST

TR PROPERTY INVESTMENT TRUST PLC
Annual General Meeting
23rd Jul 2025 at 2:30pm BST

Increasingly annoyed with Gore Street Energy Storage Fund (LON:GSF) trying to say this.  I attend a lot of IMC online, this was the first no online questions were asked- in my opinion.

"The questions answered in the IMC call came from a range of shareholders, and every effort was taken to answer a broad range of questions. Given the volume of attendees, I’m sure you can appreciate we have to group questions of a similar nature, to ensure we covered the wide-ranging topics investors wanted to hear from management on.

To your specific points:

We provide a range of metrics that shareholders can use to evaluate returns. For example, share price return, while of course a valuable metric, excludes the over £122 million the company has distributed to shareholders since inception, and therefore is in complete on its own. Many of our investors require other metrics, such as NAV total return, to help them better understand the performance of the company. There is a summary of key metrics on the first page of the annual report, to give investors visibility and assess the company in the way they see fit.

The Board appointed Alexa Capital as an independent assessment of capital allocation priorities. In addition to the guidance given in the annual report and webinar by manager, the Board will update the market in due course regarding further outcomes from the assessment.

Given the merchant nature of the asset class, we pursue a modest leverage strategy, and amongst the sector, you will note GSF holds the lowest gearing ratio. One of the advantages of the closed ended structure is the ability to take leverage. The Company’s gearing at March-end was 17.8% of GAV, in line with previous guidance of 15-20% to build out the prioritised portfolio.

Checking the validity of a requisition is standard practice. The market can expect further updates on this in the near term."

I am really disappointed with the company and the corporate response. They ended the meeting 10 minutes early.

I suspect a bid will come, but who knows. Or else we could have another Digital 9 Infrastructure (LON:DGI9) situation. I am going to reflect further.

Crystal Amber Fund (LON:CRS) (I hold). Not sure what to do with my holding. It looks like it will be come a one stock portfolio-Morphic Medical Inc. Whilst the news looks promising I have had my disappointments in the medical area in the past. If some-thing goes wrong, which I agree the signs are positive so hopefully not, the fall back could be huge. Then we have Saba sitting on 24%. And the cash from the De La Rue takeover. So will Saba want a tender offer at near NAV ? I cannot see them wanting a massive share buyback as they could tip over the 30% threshold, though I guess they could be the buyback-i.e their entire holding bought back at current price which would net them a profit.

If that happened we have a £75m market cap company say with one main investment trading at a 16% discount to current NAV. They have mentioned a possible new investor in Morphic at higher than the current valuation, but it is only a possibility. 

I am really at a loss as to what to do- I know if I was Saba I would want out so the funds could be recycled into other trusts at wide discounts.

Any views gratefully received.

AJ Bell's SHARES magazine this week has a feature on emerging markets. It is free to clients of AJ bell. 

Gore Street Energy Storage Fund (LON:GSF) (I hold) . News just come in .

RM Funds, a long-term shareholder in Gore Street Energy Storage Fund plc ("GSF" or the "Company"), announces it has today served notice to requisition a general meeting of shareholders to consider proposed changes to the composition of the Company's Board.

This follows sustained underperformance, a prolonged share price discount, and ongoing concerns regarding governance and strategic direction. RM Funds has been engaging privately with the Board for over six months; however, the Board has rejected our most recent proposal to refresh the Board ahead of any strategic outcome, leaving us no choice but to take this step.

Over the past three years, GSF's share price has declined by more than 47% and continues to trade at a discount of approximately 37% to net asset value (NAV). RM Funds believes this persistent discount reflects the subscale nature of the Company, the complexity and fragmentation of its geographically diverse portfolio, and illiquidity in its shares.

For those who hold BlackRock World Mining Trust (LON:BRWM) this was emailed from TBC capital (Georgian bank

"The base metals industry - copper, aluminum, zinc, nickel, and lead - is a critical pillar of the global economy, supplying raw materials for infrastructure, manufacturing, energy, and technology. The market is cyclical and sensitive to global growth trends, with prices influenced by industrial demand, supply disruptions, and geopolitics.

Tailwinds include the global shift to green energy, driving demand for copper, aluminum, and nickel in solar panels, EVs, and power grids. Infrastructure spending - especially in the U.S. via the Inflation Reduction Act and infrastructure bill - also supports demand. But headwinds remain: weak Chinese growth, tighter credit, rising costs, and permitting delays.

M&A activity has intensified as producers seek to secure supply chains and diversify risk. BHP’s bid for Anglo American and Glencore’s interest in Canadian firms highlight the consolidation trend amid rising demand for energy-transition metals.

Looking ahead, the sector faces a mixed outlook - underpinned by green demand but clouded by geopolitical risk and protectionism."

Others in the AIC sector are Baker Steel Resources Trust (LON:BSRT) , Blackrock Energy and Resources Income Trust (LON:BERI) CQS Natural Resources Growth and Income (LON:CYN) Geiger Counter (LON:GCL) Golden Prospect Precious Metals (LON:GPM) and Riverstone Energy (LON:RSE) .

I hold BRWM and have been looking at BRST. Going to spend some time looking at the others, using Gemini AI. The only 2 on largish discounts are Baker Steel Resources Trust (LON:BSRT) and Riverstone Energy (LON:RSE)

Thanks for all the supportive replies, including that first ever post from Vauthian that all regular posters here will have appreciated. 

In response to timarr, the other broker I use does not ask those stupid questions but instead checks/warns not to buy unless confident I know what I’m doing.

I wouldn’t mind taking an “exam” if the questions were sensible and bore some reality to the everyday reality of buying and selling Trusts. Hargreaves questions imo are idiotic. e.g I’ve never even thought about the FCSS or the financial ombudsman when trading investment Trusts. And why should I?  

And if an investor as experienced as me, with 30 years or so of investing in Investment Trusts fails their “exam” isn’t that proof enough that the questions are stupid? 

So I disagree (unusually) with timarr that it isn’t Hargreaves fault. 

I agree with number33 (so good to see a post from you here) about question 1. 

As for the suggestion from Lincs to move to another broker, I’m reluctant partly because of tales about how long it can take sometimes. And away from this nonsense there are plus points for using H/L.

I had to rejig the questionnaire as it didn’t paste clearly,  with no dividing line between each question, and missed seeing that I failed to separate questions 3 and 4 on question 1. I’ve pasted question 1 again below. 

1. What is a potential consequence if a Complex Fund becomes insolvent?

Investors can easily claim under the Financial Services Compensation Scheme (FSCS)

Investors can always complain to the Financial Ombudsman Service (FOS)

The fund manager will refund the investment.

Investors may face difficulties in claiming under the FSCS.

I’ve just failed the idiotic Hargreaves Lansdown questionnaire allowing me to buy supposedly complex investments like VietNam Holding (LON:VNH) . The existing form is about to expire. I’ve pasted the questions below. Does anyone know for sure the correct answers please?

1. What is a potential consequence if a Complex Fund becomes insolvent?

Investors can easily claim under the Financial Services Compensation Scheme (FSCS)

Investors can always complain to the Financial Ombudsman Service (FOS)

The fund manager will refund the investmentInvestors may face difficulties in claiming under the FSCS

2. What can be a characteristic of some Complex Funds despite being listed on a stock exchange?

It is always easy to find information about the fund's underlying holdings. 

Investors are always protected from losses if the fund becomes insolvent. 

Complex funds are always traded daily.

There may be restrictions which make it difficult to buy and sell holdings in Complex Funds

3. For which of the following investors are Complex Funds intended?

First time or beginner investors.

Financial professionals or knowledgeable private investors. 

Investors with low financial knowledge or confidence. 

Investors who are not prepared to lose all the money they have invested

4.

Is the following statement true or false: 

Under certain trading conditions it may be difficult or impossible to buy or sell a holding in a Complex Fund.

TrueFalse

My replies were:-

Question 1.b

Question 2 d … but could it be c?

Question 3 b

Question 4 True. 

Thanks.

Just watching the Mello IT & Funds show (these are free of charge) so thought it worth feeding back a couple of things;

Edmund Shing (of this parish) made some interesting comments as to where he felt areas were of interest in the medium term (not sure if he used this exact term);

• Look towards European & UK Dividend Yielders that have; low debt, avoid the value traps (very high-yileders that won't provide any growth), have strong forecast dividend growth as a result of profits growing over the next few years.
• Feels smaller UK Co's could provide strong returns
• Clean Energy Sector - especially in China - my question as to how to play this in respect specifically of China was not answered.  He highlighted that in China Energy Imports linked to fossil fuels have reduced despite significant growth in demand as a result of clean energy and nuclear which are rising at a very considerable rate.
• Linked to the above he felt copper and silver were both also good plays

Migo Opportunities Trust (LON:MIGO) then presented for 30minutes focussing on their new strategy now Nick Greenwood has left and management of the trust has fallen to Charlotte Cuthbertson & Tom Treanor.

Main points were;

• Drastic reduction in holdings will take place over next 18mths falling from 40 to 10-15.
• Top 10 likely to be held in 14/12/10% of overall holdings - currently 46% in Top-10 with holding sizes of 6-3%
• Current Top 3 being 17% will move to 36% - a very high conviction trust
• Reduced standard fees, but introduction of performance fee
• More active management with specific holdings
• AVI took over the trust approx 18mths ago and this appears to be related to their longer-term view - I know in the past a number of us have highlighted Nick Greenwoods returns as being poor - he always speaks well on things like the MM Podcast, but hasn't really delivered for his shareholders.

I think this is one I will watch for a few months and see how things go.

The rest had nothing of great interest (to me) - a presentation from EJF Investments (LON:EJFI) , but the replay will be up on their website in the next couple of days.

Next Webinar I think will be September.

Best wishes. Kevin

I held Dalata Hotel (LON:DAL) and sold on the formal bid being made today at a price of just below the bid price. Bought in 2022 and sold a third a while back at 50% uplift so been an decent investment(one of the few individual company shares I can say that about). I watched the Blackrock Latin American Investment Trust (LON:BRLA) presentation on IMC this morning and was convinced (again!) and have used some of the proceeds to increase my holding, averaging down my intial buy price. The manager was candid that the markets in Latin America had been disappointing despite good growth in earnings from listed companies, particularly ion Brazil. The yield is 5.25% and the board have committed to paying out of reserves if income not enough to ensure the managers do not have to choose investments on reasons of income rather than growth opportunity. The board have committed to paying 1.25% of the US$ NAV as a dividend. There is the potential for a tender offer for 24.99% in 2026 if the discount average for 4 years is above 12% (currently 11.3%).

I also bought more Molten Ventures (LON:GROW) with the proceeds. I like the story coming out from the company and the discount of 47.7% looks too large to me.

This show starts in just one hour from now...

..

We have a free webinar for trust and funds iinvestors to tune in to:

Join us today for an excellent Trust & Funds show. Popular face amongst Stockopedia subscribers, Edmund Shing, joins us as keynote followed by trust & fund presentations.

Mello Trust & Fund webinar starting at 1:00pm on Tuesday 15th July 2025.

https://www.melloevents.com/mi...

The full line up is as follows: (subject to change)

1:00pm Edmund Shing

1:30pm Company Presentation from Migo Opportunities Trust (LON:MIGO)

2:00pm Company Presentation from EJF Investments (LON:EJFI)

2:30pm Nick Britton, AIC: 'My Share, my vote' campaign

2:45pm Company Presentation TBC

3:15pm Educational Session

I was looking at "collective investments" today and one of them with the best stockrank and very good dividend (9%), low PE with good cash flow and a big discount to NAV was Volta Finance (LON:VTA).  Has anyone looked at this in the past, it looks like they invest in higher risk for better returns, will their performance improve with falling interest rates?    I'd be interested in anyones thoughts on this, I would only consider a small position but Stocko statistics look pretty robust.

India Capital Growth Fund (LON:IGC) From the latest fact sheet.

NET ASSET VALUE
The Net Asset Value (NAV) per share as at
30 June 2025 was 189.58 pence. In June
the NAV was up 2.96% in Sterling terms,
whilst the BSE MidCap TR Index was up
1.85%. In local currency terms, the NAV
was up 5.04% for the month.

Charles, I think I mentioned some time ago the idea of holding Ashmore (LON:ASHM) as a proxy for EM funds.  They issued a fairly upbeat  statement this morning. and you're being paid to wait!

Ashmore Group Sees $1.4 Billion Asset Growth Despite Net Outflows, Boosted by Emerging Markets

Gore Street Energy Storage Fund (LON:GSF) ( Ihold)sells tax credit above guidance price https://www.stockopedia.com/sh...

The weekly Citywire Trustwatch article includes a bit of commentary on Vietnam his week including  the Vietnam Government confused about their agreeing about 20% tariffs. 

If not familiar with these weekly updates, it’s best imo not to take the Z scores seriously. Also their weekly lists  of cheap and then expensive Trusts would be much better named if just noting what they really show, which is the Trusts where the discounts have widened a lot and then a list of where they have narrowed. They are not necessarily “cheap” or “expensive.” 

https://citywire.com/investmen...

Investor meet company this week

Tue 15 Jul10:00BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC 

Weds 16 july 1100. TWENTYFOUR INCOME FUND LIMITED

Weds 16 July 14:00CT GLOBAL MANAGED PORTFOLIO TRUST PLC CMPG

Introduction to the new managers

Thursday 17 11:00 GORE STREET ENERGY STORAGE FUND PLC

One for our Trust & Fund investors...

We have a free webinar for investors to tune in to:

Join us on the 15th July for an excellent Trust & Funds show. Popular face amongst Stockopedia subscribers, Edmund Shing, joins us as keynote followed by trust & fund presentations.

Mello Trust & Fund webinar starting at 1:00pm on Tuesday 15th July 2025.

https://www.melloevents.com/mi...

The full line up is as follows: (subject to change)

1:00pm Edmund Shing

1:30pm Company Presentation from Migo Opportunities Trust (LON:MIGO)

2:00pm Company Presentation from EJF Investments (LON:EJFI)

2:30pm Nick Britton, AIC: 'My Share, my vote' campaign

2:45pm Company Presentation TBC

3:15pm Educational Session

Comments from an article in todays FT. I have been doing this as it happens. ““We have to break free from the mindset we have had for the past 20 years,” said Talib Sheikh, a portfolio manager at Fidelity International. “Why can’t we have Asia ex-China ex-Japan being a greater part of your portfolio than the US? Why can’t we have Europe as a bigger part? Fads come and go but I think this has more staying power.”

"Japanese companies are set to raise their dividends to a fifth straight record high this fiscal year, even with trade tensions expected to erode earnings, in a potential boost to consumer spending as inflation drags down real wages." "Companies are also looking to attract retail investors as they unwind cross-shareholdings. The TSE's fiscal 2024 share ownership survey showed a more than 10% jump in individual shareholders in Japan's stock market to 83.59 million. The increase follows last year's launch of the revamped Nippon Individual Savings Account (NISA) program."

https://asia.nikkei.com/Busine...

I hold Nippon Active Value Fund (LON:NAVF) and CC Japan Income and Growth Trust (LON:CCJI)

Augmentum Fintech (LON:AUGM) Had this from Tim re the offer of a zoom call with interested stockopedia people. "could we go for w/c 25 August perhaps and will try to be as flexible as possible diary wise. Any day would work for me currently"

Let me know.

All vietnam to-day- here is an article about the changes going on in Vietnam business life where "

For Hang Vu, co-founder and managing partner of Ho Chi Minh City-based RSI Consulting, Resolution 68 is a landmark shift. "It's a nuclear bomb, because for the first time the government recognized the private economy as the most important," she said.

"The private sector has been developing for decades, but it's still the underdog compared to the public sector in terms of access to resources, infrastructure, financing and land," she continued."

Link to the article is here from Nikkei Asia - I hope it is freely readable-i.e no paywall.(although sub is not much) https://asia.nikkei.com/Spotli...

"Earlier this month, Vietnam reported export-driven gross domestic product growth in the April-June period accelerated to 7.96% year on year, from 6.93% in the first quarter, just short of Hanoi's full-year growth target of at least 8%."

Craig Martin of VietNam Holding (LON:VNH) latest blog discussing regional US tariffs.https://open.substack.com/pub/...

Re Vietnam.

Has anyone spotted this? The Vietnam index is flying and is close to its all time high, with yet another 1% gain today. Yet the share prices of VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH) are well below where they were in late January when the Vietnam index was much lower than it is now. See this link…which is also excellent for all indexes and all commodity prices,  for the latest Vietnam index figure. 

https://tradingeconomics.com/v...

In late January the Vietnam index was about 1250. Today it’s 1450. VinaCapital Vietnam Opportunity Fund (LON:VOF) was 485p in late Jan compared with 443p today. So the Vietnam index goes 15% higher than where it was in late Jan, yet the share price has dropped from 485p to 443p today. The discount to NAV has stayed stuck around 20%. 

Same applies with VietNam Holding (LON:VNH) which peaked at 422p in Jan and is now 16% lower  at 355p than it was then. A reason is VietNam Holding (LON:VNH) has gone to an 8% discount compared with a small premium then. Strongly suggests VietNam Holding (LON:VNH) is at a bargain price? 

I have just checked the share prices for the third Vietnam Trust Vietnam Enterprise Investments (LON:VEIL) that I don’t hold or follow. Unlike VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH) the Vietnam Enterprise Investments (LON:VEIL)  share price is now higher than it was in January. 

I’ve held VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH) for years and added on the big Trump tariff Covid falls. Now, bearing in mind the current underperformance compared with the index,  looks another buy opportunity. 

Here’s the AIC link for all 3 Vietnam Trusts and also Weiss Korea Opportunity Fund (LON:WKOF) which Charles has covered briefly here bt not with any enthusiasm for it. 

https://www.theaic.co.uk/aic/f...

SDCL Efficiency Income Trust (LON:SEIT) (I hold) 

SDCL Efficiency Income Trust plc (LSE: SEIT) is pleased to announce a new financing facility. This has been negotiated on favourable terms and serves to achieve liquidity that will be used to reduce SEIT's drawings on its RCF by approximately £17 million.

Financing at Zood Infrastructure Ltd ("Zood")

As referred to in the Annual Results on 23 June 2025, Sustainable Development Capital LLP ("SDCL" or the "Investment Manager") has successfully secured a new senior debt facility for the Zood portfolio of operational assets, operated and managed by the Electric Vehicle Network ("EVN"). Zood is wholly owned by SEIT, which also owns a 15% minority stake in EVN. The new financing does not prevent a full or partial disposal in the future.

The facility provides an initial £17.6 million in long-term financing plus an additional uncommitted facility of up to £40 million to support Zood's growing pipeline of projects. The majority of the initial drawing will be used to reduce the Company's RCF,

Jonathan Maxwell, CEO of SDCL, commented:

"As we focus on de-leveraging SEIT and crystallising value for its shareholders, the financing at Zood helps to reduce SEIT's short term revolving credit facility, while providing Zood with financing.

"The Investment Manager is targeting disposals and refinancings in the coming months with the objective to continue to reduce the RCF and, ultimately, to return capital to shareholders."

Warehouse Reit (LON:WHR) Blackstone ups offer to 115p

I have looked at Korea over time, but not really been able to get that interested or find a vehicle to do it. Weiss Korea Opportunity Fund (LON:WKOF) invests in pref shares of Korean companies that trade at a discount to common shares and have limited voting rights- which I cannot quite get my head round. I have just read AVI Global Trust (LON:AGT) lates report in which they have a detailed explanation of why they are investing in Korea again. Worth a read but in essence it looks like the new government are looking to tighten regulations of listed companies- which it seems have pretty much done what they like for their benefit rather than ordinary shareholders. So it could be that corporate actions as have happened in Japan could be on the horizon and may lead the Korean stock market to perform better than it has- in stark contrast to the strong growth of the Korean economy. Whether WKOF or AGT is the best route in for Korean exposure is the question. I will probably stock with the AGT route for now, but it could be a market to keep an eye on. There is also an ETF iShares MSCI Korea UCITS ETF USD (Acc) (LON:CSKR) .

Join us at Mello next Tuesday 15th July for some insights from Edmund Shing, a couple of investment trust presentations, Nick Britton of the AIC & an educational session...

Mello Trust & Fund free webinar starting at 1:00pm on Tuesday 15th July 2025.

https://www.melloevents.com/mitf150725

The full line up is as follows: (subject to change)

1:00pm Edmund Shing

1:30pm Company Presentation from Migo Opportunities Trust (LON:MIGO)

2:00pm Company Presentation from EJF Investments (LON:EJFI)

2:30pm Nick Britton, AIC: 'My Share, my vote' campaign

2:45pm Company Presentation TBC

3:15pm Educational Session

Ken, Sky is keen on Newriver Reit (LON:NRR) with a decent discount to NAV (30% ish) and good yield, currently c9%. I've picked up a few though wary as owned these ,any moons ago. I know you've commented on this one previously. Any thoughts on current situation?

Trump imposes 25% tariffs on Japan, South Korea

Maybe buy Japan if it falls, Trump is now known to change his mind. And who owns a lot of US treasury bonds !

Following the Foresight Environmental Infrastructure (LON:FGEN) presentation I have bought some shares. The powerpoint presentation is here 

Molten Ventures (LON:GROW) (I hold) Kepler Research have just issued a new research note https://www.trustintelligence....

Apologies if posted previously: July edition of Compass is a good read, lots of sectors and trusts that are popular here.

Compass - Compass - July 2025

Interesting table showing the best performing trusts over several timescales.

Europe, smaller companies and property dominate H1 25.

The other interesting number is the 10 year performance of private equity. I thought this would be solely due to 3i (LON:III) and certainly it is a standout performer (now trading at a premium to NAV) but HgCapital Trust (LON:HGT) and Oakley Capital Investments (LON:OCI) are also part of the equation.

SSB

fwiw, my usual list of podcast listens and articles that I've been consuming lately. Little bit of a poor week on the portfolio but that's life, you can't have things go your way all the time. Tritax Big Box REIT (LON:BBOX) came out with a nice announcement but then suffered when bond yields spiked. Also, the short positions on PHP have increased. But on the positive side, both are still paying dividends and BlackRock World Mining Trust (LON:BRWM) continues to recover.

I've said this before but I will repeat it here: I'm so glad I stopped buying poor quality dross. Stuff I buy now still gets whacked but typically with the rest of the market and then recovers. Post dividend payments from Primary Health Properties (LON:PHP) and Tesco (LON:TSCO), my YTD 25 dividends are at 70% of the total for FY 24. Given the cut for BlackRock World Mining Trust (LON:BRWM), I'm pretty happy with that.

Here is the Tritax Big Box REIT (LON:BBOX) statement. It reads well and I expect mgt, based on their history, to execute on this plan. Other REITs offer higher yields but the Loan to Value here is 29% according to the year end results and that feels comfortable. What will that look like post Warehouse Reit (LON:WHR) acquisition ? If my maths is correct, the combined value will be £7.4bn (£6.6bn BBOX + £800m WHR) and the net debt of £2.2bn (1.9bn BBOX + 300m WHR) giving a LTV of 30%. Tritax Big Box REIT (LON:BBOX) said at the year end their weighted average cost of debt is 3.05% which also sounds okay. Not sure what the cost of debt is for Warehouse Reit (LON:WHR) but it's the smaller side of the new entity. I'm hopefully a long term holder. 

https://tinyurl.com/muyhfbp8

This interview with Laura Foll of Law Debenture (LON:LWDB) is good I thought. And a relevant point made on share buy backs with regards to Next (LON:NXT) around 8 minutes.

https://tinyurl.com/yhb9yvxe

I thought this was an interesting piece and I read it that this should keep copper prices high. Any thoughts ?

https://tinyurl.com/23uph869

I get free MoneyWeek emails a couple of times per week. The following articles were both interesting.

The power of re-investing dividends and the outperformance of the US markets:

https://tinyurl.com/bdz54nzu

Supermarket Income REIT (LON:SUPR) has made it into the AJ Bell top 10 investments trusts, no doubt for the yield:

https://tinyurl.com/4867ruhz

I'm looking at putting any spare cash to work in a money market fund. Royal London Short Term Money Market Fund seems to be the choice for many. I read the documentation from the HL site. If my understanding is correct, it makes money from short dated bonds and loans which seems fine as long as we don't revisit 2008/9 again. I'm thinking of the income fund so I can track the returns more easily. Anyone had any experience ? Appreciate any feedback re: accumulation v income.

https://tinyurl.com/yrvsftwz

I really liked this short interview with Anthony Bolton. Longer version saved for next week. 

https://tinyurl.com/pd4k2ufe

SSB

I am going to purchase Worldwide Healthcare Trust (LON:WWH) in the near future. A high conviction play - the top 10 represent 58% of the portfolio-on the global healthcare market it did slip to a 12% discount. This has reduced to 6%. The performance over the last 3 years has been poor, but historically the managers have achieved returns of 14.4%. The two lead managers have a good mix of scientific and financial skills.

The sector has been under pressure recently but I am going to take a 3-5 year view on this and hope I am buying near the bottom of the current cycle. Time will tell.

Tope 10 holdings are:-

InvestorMeetCompany next week

HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED
Investor Presentation
8th Jul 2025 at 3:00pm BST

RIVER UK MICRO CAP LIMITED
Quarterly Investor Update
10th Jul 2025 at 10:00am BST

ECOFIN GLOBAL UTILITIES AND INFRASTRUCTURE TRUST PLC
Investor Presentation
10th Jul 2025 at 11:00am BST

Morning star have published the Best and worst performing trusts in Q2 by NAV https://global.morningstar.com...

Nikkei Asia, english language newspaper in Japan, has launched a tariff tracker for Asia. https://asia.nikkei.com/Econom...

I was trawling the AIC and looking for potential undervalued yield and GCP Asset Backed Income Fund (LON:GABI) came up with a yield of 9.6% and trading with a 20% discount to its assets. I seem to remember this being talked about 6 months or so ago and wasn't it involved in a merger/takeover? Does anyone hold and would like to enlighten me? Thanks. Also considering CLS Holdings (LON:CLI) although the high debt is a big risk.  

Does anyone here have a view on Primary Health Properties (LON:PHP) since its takeover of Assura (LON:AGR) ?  I have held some for some time on behalf of a 3rd party folio.  My initial thoughts are positive for the enlarged group, though with some initial loss of dividend income?  Thanks.

Interesting that a number of the IT board here also hold Chesnara (LON:CSN) .  I also have for some years.  Was busy yesterday and have to go out this morning.  Can anyone clear this up: if we  DON'T take up rights, it seems our dividends actually go down, as they reduce per share.  Is that right?  We already have a pretty full position as a family and not much current cash...

Thanks, anyone!

From the FT this morning

“Fields’ accolade to Wall Street will have warmed the hearts of investment bankers hoping to see a recent uptick in IPOs turn into a steady flow, as well as investors in venture capital firms who have been waiting a long time to cash in on the long venture boom. It comes at a time when “exits” — events where venture investments are realised — are starting to pick up.

Through public listings, acquisitions and buyouts, exits by venture reached $67.7bn in the second quarter of this year. That was a big jump from $38.5bn a year before and the strongest showing since the end of 2021.

This has not come a moment too soon. A dearth of exits has been the venture capital industry’s dirty secret, even as artificial intelligence fuels a new investment boom. Since interest rates started to climb in 2021, putting an end to a brief IPO boom, the value of exits has hit a new nadir.

It would be extremely premature, however, to read too much into this year’s rebound. For a start, it comes from an extremely low level. After peaking at $917bn in 2021, the value of exits fell to only $151bn last year.”

Seraphim Space Investment Trust (LON:SSIT) latest is here https://www.investormeetcompan...

One of the more convincing arguments I have  that this trust should be at a premium-I hold and have increased holding recently.

I have sold Henderson Far East Income (LON:HFEL) . Held it for a few years now in wife's ISA. The yield has been good, but NAV growth negligible and dividend cover is 0.69. The risk profile of a fall in income from the portfolio concerns me with the ongoing tariff negotiations with the US-and therefore the dividend although the board have said it will be paid from reserves in the past.. Needed to generate cash for CSN rights issue and since that yields 8% with a greater chance of the share price increasing HFEL was the one to go.

Excellent news for Crystal Amber Fund (LON:CRS) (I hold) "The Board of Crystal Amber is pleased to announce that MMI, the medical device company in which it owns 98% of the issued share capital, has received CE Mark certification for its revolutionary RESET® therapy. This is the first endoscopic, non-surgical treatment for both obesity and Type 2 diabetes in Europe"

The Chairmans comments are ""Since 2020, Crystal Amber has been the sole provider of development capital of more than £25 million to support MMI. Our continued activism, vision and commitment has yielded a 98 per cent shareholding in a business with the potential to help millions of people improve their health, while offering governments a cost-effective alternative to drug-based treatments. In a time when public spending is stretched thin, solutions like this could be even more valuable than ever. We are very excited by the scale of the opportunity."

This could be a very significant advance for the fund. 

Gore Street Energy Storage Fund (LON:GSF) I have used AI to look at the possible repercussions of the removal of tax credits. 

"Gore Street Energy Storage Fund's (GSF) growth strategy is critically dependent on the U.S. Investment Tax Credit (ITC), which allows a 30-40% credit on project capital costs. The fund expects a crucial cash inflow of $60–$80 million in 2025 from selling these credits, which is essential for financing its U.S. construction pipeline—the primary engine of its future growth.

The removal of the ITC would create an immediate funding crisis, halting U.S. expansion and forcing a significant write-down of the fund's Net Asset Value (NAV). This would also place its dividend policy under severe pressure.

While GSF is diversified across the UK, Ireland, and Germany, these markets lack equivalent direct subsidies for its current asset types, making the U.S. ITC a unique and pivotal vulnerability."

However it is important to note that "the removal of US green energy tax credits is not expected to be retroactive. While some changes to the Inflation Reduction Act (IRA) are possible under a new administration, they are not likely to apply to projects that have already started construction or are currently operational. Existing projects should be grandfathered in under the current rules"

I suspect the outcome is more likely to be that GSF will not expand further in the US. This could affect the funds future growth plans, but unlikely to cause any short term issues.

To remove Tax credits from existing projects would be difficult to enforce, California would take legal action against the administration and it would not encourage overseas investors to enter the US market in any capacity if rules could be changed retroactively.

Given the discount they have little chance of expanding by raising new funds. So either they will merge to become a larger entity or wind up. I doubt that raising debt would be a feasible or sensible option.

I originally bought into GSF due to the geographical diversification. I am going to continue to hold fopr the income, but obviously if earnings drop the dividend could come under pressure again.

Thanks Charles, I'd also like to take part if available. There is a IMC with Augmentum Fintech (LON:AUGM) at 10am today but it clashes with Venture Life (LON:VLG) which is a bigger holding for me, so will attend this one! 

This is the website for Stuart Watson, who does the very detailed  Investment Trust write-ups for Money Makers.  He does a quarterly review of his portfolio.  Not a lot of detail, but might be useful highlighting where others invest.

https://www.itinvestor.co.uk/2...